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Phantom has been gaining momentum since 22nd November, with FTM price breaking out of EMA20 in the last few days. As of writing, the coin has a strong follow-up to its initial rally, which at one point saw a 15% increase in 24 hours, with the price currently trading at $0.2187, up 9.62% for the day. The price is up more than 32% since November 22. Leading indicators RSI and MACD are showing the potential for a healthy short-term bullish trend. How high can FTM go though?
ftm technical analysis and price prediction
Plotting the reverse Fibonacci retracement levels from the previous high to the current low reveals important levels that can act as potential resistance for the coin. As observed, we can see that the price is currently trading above the $0.382 level above $0.2218. Beyond this Fibonacci level, there is also a history from the $0.2158 to $0.2197 area that turned from support to resistance.
Going forward, it is important for the FTM to break out of this zone for a potential continuation to the upside. If price breaks down, immediate resistance lies at the 0.5 Fibonacci level of $0.2396 followed by the 100 EMA at $0.2468. Otherwise, our support lies at the $0.1998 Fibonacci level of $0.236, which is near the psychological support at $0.20.
ftm fundamental analysis
This boom has come after the sudden entry of FTM into the market andre cronjeA popular figure in the DeFi space, wrote an article revealing the financial status of the company. Cronje, an advisor to the company, revealed in the article that the Phantom is cash flow positive and has a 30-year runway.
Phantom was founded in 2018 and raised $40 million that year, mostly in ETH. In December of that year, he sold ETH for less than its value, leaving the company with less than $5 million. His major expenses included listing fees for exchanges and payments to influencers (sponsorship fees).
As a result of these expenses, Phantom became frugal, hiring only essential employees and halting all marketing efforts. In 2019, Phantom had less than $2 million left; By 2020, he had increased this amount to just over $3 million. Their goal for 2020 was to grow that to $8 million by the end of the year, which would give them a burn rate (the rate at which they spend money) of $1.5 million per year.
They were able to reach this goal largely due to their participation in the booming decentralized finance (DeFi) market, which allowed them to earn interest on their investments and buy more FTM tokens. By 2021, his holdings had grown to over $51 billion. However, they suffered losses later that year when the value of some crypto assets suddenly dropped. Despite these losses, Phantom has significant capital left and plenty of room to grow.
Alternative Coins to Buy in a Bear Market
It is important to remember that cryptocurrency is a volatile investment and investments should only be made with money you can afford to lose. This is especially true of coins that have recently had a big rally like FTM, which can be risky to bet on given the potential end of the rally and the risk of reversal.
In short, before investing in any coin, you must do your research and understand Technical indicators as well as underlying fundamentals and growth potential. Dash 2 Trade, a soon-to-be-launched platform, will aid in this analysis, while TARO and RIA, two cryptocurrencies currently in pre-sale, are worth watching as they have serious growth potential in 2023 and beyond.
Dash 2 Trade (D2T)
D2T is a platform that provides forecasts, social analysis and trading signals to help traders make informed decisions when trading cryptocurrencies. The platform is designed for traders of all levels, from novice traders to those with more experience. D2T offers a range of services, including developing and evaluating trading strategies, keeping up with the latest cryptocurrency news, and extracting insights from blockchain analysis.
D2T aims to provide traders with all the resources they need to make informed decisions when trading cryptocurrencies. This includes forecasting, social analysis and providing trading signals. The platform is also designed for traders of all levels, from novice traders to those with more experience. In addition to developing and evaluating trading strategies, D2T also provides services such as keeping up with the latest cryptocurrency news and extracting insights from blockchain analysis.
Robotera (Tarot)
The Robotera project is based on the Ethereum blockchain and seeks to create a robot-themed metaverse Which provides users with opportunities to buy land and many interactive experiences. A key element of the project is that it gives users who do not code the ability to generate their own content and games and earn income in the in-game economy. Additionally, players can enjoy in-game concerts and other events. The first phase of Robotera’s Tarot token pre-sale recently hit $266k, surpassing the quarter million dollar mark.
Calvaria (RIA)
Calvaria is an upcoming battle card game that is expected to have a major impact on the P2E market by 2023. The game has already generated a lot of buzz and had a successful pre-sale even in a bear market. What makes Calvaria unique is its accessibility and engaging game mechanics, which have helped it to forge partnerships with some of the biggest names in the industry. Those who invest early can get the tokens at a discounted price. Calvaria has raised $2.1 million and is now in its final presale phase with only 30% of its tokens left.
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